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Nongshim Q2 profit climbs 55.5% YOY

Nongshim Co. Ltd. said its normalized net income for the second quarter amounted to 2,987.13 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 2,731.25 won per share.

EPS rose 55.5% year over year from 1,920.96 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 17.27 billion won, a gain of 55.5% from 11.11 billion won in the year-earlier period.

The normalized profit margin climbed to 3.3% from 2.3% in the year-earlier period.

Total revenue rose 8.0% on an annual basis to 529.47 billion won from 490.35 billion won, and total operating expenses climbed 5.2% on an annual basis to 505.28 billion won from 480.48 billion won.

Reported net income grew on an annual basis to 36.39 billion won, or 6,292.35 won per share, from 12.35 billion won, or 2,136.41 won per share.

As of Aug. 17, US$1 was equivalent to 1,183.06 South Korean won.